> the term petrodollar makes it seem it's all about the oil. The oil is important, but the most important part of it is the guarantee that the casino chips the USA issues can (and in fact have) to be used to buy things around the world
This isn't the petrodollar. It's the post-Bretton Woods international order. (And a reflection of the depth and openness of the American financial system.)
Petrodollar refers to a specific aspect of that arrangement in which America mandated certain oil exporters only trade their oil for dollars and then reïnvest those dollars into U.S. Treasuries in exchange for military and political support. That's done.
This isn't the petrodollar. It's the post-Bretton Woods international order. (And a reflection of the depth and openness of the American financial system.)
Petrodollar refers to a specific aspect of that arrangement in which America mandated certain oil exporters only trade their oil for dollars and then reïnvest those dollars into U.S. Treasuries in exchange for military and political support. That's done.